Funds mismanaged at high profile free school | AccountingWEB

Funds mismanaged at high profile free school

One of the first of “free schools” in England has been accused of serious financial mismanagement including “fabricated invoices” and poor “internal controls”.

An Education Funding Agency (EFA) report reveals allegations of financial irregularities and even possible fraud at Kings Science Academy in Bradford. The leaked report was first revealed by the BBC Newsnight programme.

The report found that £59,560 of payments were not supported by any evidence of payments being made, and £10,800 of this was supported by fabricated invoices for rent.

The published report, which has been partly redacted, highlighted “serious concerns” about “internal control, financial accounting systems and payment processes in operation” in the Academy until November 2012.

The DfE’s internal audit investigation team said...


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